BUZZ-U.S. Stocks on the Move-Summer Infant, Wayfair, Vivint Solar

Reuters Staff

11 Min Read

(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stock indexes were little changed on Tuesday. The Dow Jones industrial average was down 0.08 percent at 17,599.56, the S&P 500 was down 0.06 percent at 2,037 and the Nasdaq Composite was down 0.04 percent at 4,649.786.

** ALIBABA GROUP HOLDING LTD, $115.58, -3.00 pct

** YAHOO INC, $48.6999, -1.44 pct

Chinese e-commerce company Alibaba reported more than $9 billion in sales on China’s Singles’ Day on Tuesday.

However, Atlantic Equities analyst James Cordwell said the company’s year-over-year gross merchandise volume growth of 38 percent so far on Singles’ Day was lower than the 49 percent growth in the quarter ended September.

The ambulatory service provider said certain shareholders consisting of affiliates of Hellman & Friedman LLC intended to sell about 4.5 million of its shares in an offering. The selling shareholders will receive all the proceeds of the offering.

** THRESHOLD PHARMACEUTICALS INC, $3.2799, +10.06 pct

The U.S. Food and Drug Administration granted the biotechnology company’s experimental cancer drug a fast-track status for use in untreated patients with advanced soft tissue sarcoma (STS). The status expedites review process for drugs made to treat conditions that have little or no treatment options. The experimental cancer drug, TH-302, is currently being evaluated in two late-stage studies for use in STS and pancreatic cancer.

** ICU MEDICAL INC, $82, +14.19 pct

The medical device maker reported a better-than-expected third-quarter profit and raised its full-year profit forecast above the average analyst estimate.

Roth Capital and Raymond James raised their price targets on the company’s stock. “We believe the company is well-positioned to drive meaningful operating leverage and improved commercial execution in 2015...” Roth Capital analysts wrote in a note.

** TURTLE BEACH CORP, $3.82, -26.54 pct

The headset maker posted lower-than-expected third-quarter revenue due to delay in shipments and release dates of new headsets.

Northland Capital Markets cut its rating on the stock to “market perform” from “outperform”, according to Theflyonthewall.com.

** THOMPSON CREEK METALS CO INC, $2.11, +7.65 pct

The Canadian miner reported better-than-expected third-quarter revenue, helped by higher copper and gold revenue from Mt. Milligan mine in Canada. The company also raised its 2014 gold payable production forecast.

** PARAGON OFFSHORE PLC, $4.84, -6.38 pct

The offshore drilling contractor reported a third-quarter loss of $10.14 per share, compared with a year-earlier profit, as it took a non-cash impairment charge of $929 million. The company said operating costs rose to $1.3 billion from $302 million and the total average rig utilization fell.

** INSYS THERAPEUTICS INC, $41.39, +11.68 pct

The drugmaker reported better-than-expected third-quarter revenue, driven by strong sales of its Subsys spray, approved to manage cancer-related pain. The company said it would begin clinical trials for its cannabis-based drug program in 2015.

** VIVINT SOLAR INC, $11.62, -21.17 pct

At least two brokerages cut their price targets on the solar panel installer’s stock after the company forecast fourth-quarter revenue below analysts’ estimate.

Vivint, which reported its results for the first time since its IPO in October, posted a third-quarter loss, compared with a year-earlier profit, as costs rose four-fold.

** EL POLLO LOCO HOLDINGS INC, $35.25, -3.66 pct

The restaurant chain operator’s stockholders are selling 6 million common shares through a public offering. The offering represents about 16.2 percent of the company’s total outstanding shares.

** MID-CON ENERGY PARTNERS LP, $16.45, -8.56 pct

The oil and natural gas producer’s offering of 5.8 million units was priced at $17.27 per unit. The offering represents about 25 percent of the company’s outstanding shares. Mid-Con said it planned to use the proceeds of the offering to partly fund the acquisition of some oil and gas assets in the Permian Basin in West Texas.

** SUMMER INFANT INC, $2.6799, +48.88 pct

Gilford Securities analyst Robert Straus said the baby products maker’s sales grew from a year earlier in the third quarter, after six quarters of declines. Summer’s shares plunged about 42 percent over the past three trading days as the company reported lower-than-expected revenue and profit after the markets closed on Thursday.

** CARTESIAN INC, $4.07, +4.09 pct

The provider of software and technical consulting services to communications, digital media and technology industries reported a 44.3 percent jump in its third-quarter revenue and a 14-fold rise in its profit, helped by growth in North America and Europe.

** HALOZYME THERAPEUTICS INC, $8.935, -4.13 pct

JMP Securities cut its price target on the drug developer’s stock to $10 from $12, after the company reported a third-quarter loss of 16 cents per share, bigger than the 14 cents per share expected by analysts on average. JMP Securities analysts said the company planned to focus on its oncology drugs, while its insulin program shifts to sidelines.

** CHINA FINANCE ONLINE CO LTD, $7.52, +16.77 pct

The Chinese Web-based financial services company signed an agreement to integrate its Web trading platform with advisory firm Great Wall Securities’ backend systems.

DA Davidson cut its price target on the forest products company’s stock by 10 percent to $31.50, citing a “significant” drop in the company’s fourth-quarter forecast. RBC Capital cut its rating to “sector perform” from “outperform” and slashed its price target to $28 from $37. BofA Merrill Lynch also cut its rating to “underperform” from “neutral”, according to Theflyonthewall.com.

Rayonier said on Monday that it would restate results for the first half of the year and realign its strategy following an internal review of operations.

** WAYFAIR INC, $24, -14.59 pct

The online home-furnishing retailer forecast current-quarter revenue of $355 million-$370 million on Monday, analysts said. Analysts on average were expecting $371.7 million, according to Thomson Reuters I/B/E/S.

** CUMULUS MEDIA INC, $3.26, -0.91 pct

RBC Capital Markets cut its price target on the radio station operator’s stock to $5 from $6. The stock touched a 21-month low of $2.90.

** LIGHTINTHEBOX HOLDING CO LTD, $8.08, +7.16 pct

The online retailer’s shares continued to rise after it announced a partnership with mobile app provider Baidu Dianxin on Monday to explore global mobile market opportunities. Baidu Dianxin is a subsidiary of search engine Baidu Inc.

At least four brokerages raise their price targets on the company’s stock by as much as $8 to as much as $65. “The pipeline for large deals remains strong in Q4, which could keep revenue momentum going into early 2015,” Jefferies analysts wrote in a note.

** ZYNGA INC, $2.65, +6.85 pct

Jefferies raised its rating on the company’s stock to “buy” from “hold”, saying growth in the company’s mobile game business will help drive current-quarter results and offset the weakness in its Web game business.

Zynga reported better-than-expected third-quarter results this month as it set its mobile gaming push in motion with releases such as “New Words with Friends”.

** NATIONAL RETAIL PROPERTIES INC, $38.23, -1.80 pct

The real estate investment trust commenced an offering of 4 million shares. The offering represents 3.2 percent of the company’s total outstanding shares as of Oct. 30.

** QIWI PLC, $31.1, +5.46 pct

The Russian payment service provider’s total adjusted net revenue rose 47 percent to $60.4 million in the third quarter, above the average analyst estimate of $50.5 million. The company’s adjusted profit of 53 cents per share also beat analysts’ estimate of 36 cents.

Qiwi also raised its 2014 forecast for adjusted net revenue and profit and the company announced a dividend of 38 cents per share.

** SPROUTS FARMERS MARKET INC, $29.7, -5.62 pct

The natural foods retailer said Apollo Global Management LLC and affiliates would sell 15 million of its shares. The offering is priced at $29.50 per share, according to sources, the lower end of underwriter UBS’s $29.50-$29.75 marketed range.

** AURICO GOLD INC, $3.53, +9.97 pct

** ELDORADO GOLD CORP, $5.84, +10.19 pct

** YAMANA GOLD INC, $3.835, +4.78 pct

** SEABRIDGE GOLD INC, $6.52, +4.15 pct

** PRIMERO MINING CORP, $3.39, +3.99 pct

Shares of gold miners rose after gold price firmed on Tuesday as demand for the physical metal picked up after the previous day’s 2 percent slide. Spot gold was up 0.5 percent at $1,156.10 an ounce at 1439 GMT.

** JUNIPER NETWORKS INC, $20.66, -3.91 pct

The network gear maker said Chief Executive Shaygan Kheradpir resigned, following a board review of his conduct in a negotiation with a customer. Kheradpir’s resignation comes a year after he was hired from Barclays Plc to head the company.

** SANOFI SA, $46.93, +1.60 pct

** REGENERON PHARMACEUTICALS INC, $396.44, +2.71 pct

An experimental biotech drug for moderate to severe asthma from France’s Sanofi and its U.S. partner Regeneron has produced good results in clinical tests, suggesting that its dual-action mechanism may be highly effective.

** SOUTHWEST AIRLINES CO, $39.5, +0.97 pct

The Dallas-based carrier forecast modest growth in unit revenue for the current quarter during its investor day presentation on Monday. Passenger revenue per available seat miles will increase 1-2 percent year over year, according to Southwest’s Chief Financial Officer Tammy Romo. The increase was in part tapered by growing capacity, she said.